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tv   Closing Bell  CNBC  October 27, 2009 4:00pm-5:00pm EDT

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to hold s&p 1060. in order the 2004 lows. [ bell ringing ] it is 4:00 p.m. on wall street. do you know where your money is? i'm michelle caruso-cabrera in for maria bartiromo. investors digest a strong report on housing prices but a decline on consumer confidence. ibm hiked the buyback program by $5 billion. visa is getting ready to report earnings. here is a look how we finished, the seesaw with the dow higher 13.5 points, the s&p lower by three points 1063. held above that 1060 level we
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have heard simon talk about. nasdaq lower by 25 points, a decline of more than 1%. 2016. mary thompson is our eye on the floor. >> that strong dollar making its presence known as well today. the dollar and the dow basically continuing this inverse relationship they have had for some time now. the dow closing higher. if you look at the value, it is broadly lower, down volume outpacing up margin. it was a strong dollar, weak consumer confidence undercutting the markets. by midday very strong demand for the two-year note auction. that raised questions about investors' confidence in the recovery. and on the heels of the consumer confidence report weaker than expected put pressure on the dow as well. in turn it took pressure off the dollar up for the second straight day as we look at how the dollar finished. take a look what the dow jones industrial average did.
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basically when you see the dollar move higher the dow jones industrial average giving up some of the gains it had earlier today. still managing the 14-point gain. the reason behind the strength in the blue chip average you can attribute that to ibm, the company saying it is going to be buy k back $5 billion worth of stock. that gave a lift to it and the markets when that news broke about midday closing up 54 cents. chevron and exson contributing ahead of their release. and the strength we saw in oil prices. american express one of the winners among the dow jones industrial average. within the sectors we saw strength reflected in energy -- excuse me, exxon and chevron in energy. health care stocks were strong, weakness in industrials and consumer discretionaries took a
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large hit today. the weak consumer confidence number raising concerns about how much money will consumers spend? you saw weakness in the retailers although walmart performed well. the limited took a hit because the company is lowering outlook for the october same store sales though it is improving, it raised its forecast for outlook for the third quarter on a profit basis. jcpenney and nordstrom under pressure. the nasdaq was under pressure throughout the day and you can attribute that to weakness in semi-conductors. also weakness in bidu. the chinese company saying fourth quarter revenues or revenue outlook below expectation. that put pressure on its stock. once again a mixed session, michelle, back to you. >> let's look at today's other business headlines. home prices rising a better than
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expected according to the case-shiller index. prices are still down more than 11% year over year. the consumer confidence index falling this month. the second lowest level since may as consumers are concerned about the tough labor market. a former anheuser-busch spokes woman is suing for discrimination. claiming the company encouraged a frat party atmosphere and she was paid less than her male peers. anheuser-busch says the complaint is unjustified. david rosenberg telling joe kernen equities are way overvalued. >> i think it is overvalued. i think by at least 20% but that comes down to what your view on corporate earnings are going to
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be. >> is he right? >> joining me is co-manager of the all american equity fund and chief investment officer with turner investment. first of all, he seems to think it is about earnings. i agree earnings are important, probably the most important earnings season we have had in a long time. haven't we learned over the last couple of days the markets are focused on what is happening with the dollar? >> yes, they are. the dollar is moving a lot of equities, commodities, emerging markets or u.s. domestic stocks. that is where you need to focus. a weaker dollar is good for the stock market overall. >> david, we get that message every day out of the markets, right? historically a stronger dollar has been better, but in the last three weeks the market has been telling us it wants a weaker dollar. every time the dollar moves higher, the market goes lower.
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>> that's correct. the market needs to see a weaker dollar. the dollar will continue to get weaker. you will see low interest rates in the united states related to other countries. as long as you don't have inflation fears or any fear in change in monetary policy from the u.s., the u.s. dollar will continue to go down. we forecast it may go down another 5% in the next two or three months. that is positive for equities. >> visa reporting 74 cents, the net income number? that is the headline number. we will get matt nesto on that. visa is coming out right now. do you agree with that assessment that the dollar will continue to weaken because the fed is not going to move and as a result the stock market is going to move higher. >> i think that definitely is the case. i think what you also have in the u.s. is you have a lot of cash on the sidelines. i think basically the play book that has worked year to date is buy any dips. i think all the dips or
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pullbacks should be mild and people will use that as an opportunity to get invested. >> let's get more on visa, guys, don't move. matt nesto standing by with the revenue number and the rest of the details. >> yeah. nongap, 47 cents a share, two cents ahead of estimates $1.88 billion in revenue, $1.87 in estimates. we were looking up a second, this is seven for seven the company has positively beaten earnings and revenues since they came public. the seventh consecutive quarter. a couple of other superlatives, payment volume down 10%, process transactions with 10.5%. the company with commentary saying things like payment volume growth, the minus 2% figure and annual net revenue growth at the lower end to the 11% to 15% range.
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that is a big one. quarterly payment growth on a nominal basis. they see total process transactions coming in at that $10.5 billion and they are beginning to see some very early signs of stabilization in the business. that is the visa story here for you today. the company is a $55 billion market cap. strangely it is not a member f the s&p 500 but mastercard is. if visa was in that index it would be one of the biggest members of software services, the fourth largest. >> matt, you probably couldn't see the intraday trade, stock was getting hit hard. they are seeing some signs of stablization, but the overall market reaction negative. >> the stock is down 2%. that is inclusive. reraced a 1.6% gain into the
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close. theoretically down 2% and another point and a half so 3.5% from regular trade. >> david, let me get back to you. you are bullish. how much more bullish after the tremendous rally we saw? >> liquidity driven rally should expect two or three months. i expect another 7%, 8% on the s&p 500. >> wow. that would be a big move. we'll have to have you back. romeo, how much more do you think if indeed you are still bullish, how much more can we get out of this? >> i think we can get to 1150 to 1,200 on the s&p 500 by the first quarter of next year. >> i get nervous when everyone agrees. that would be a nice move. guys, good discussion. here are some other stories we are following.
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u.s. steel swinging to a $303 million loss after earning $t 00 million a year ago because of slumping demands for steel. that beat wall street's estimates but the company is estimating a fourth quarter loss because of continued low operating rates. stock lower by nearly 8%, $37.41 a share. patriot coal reporting 26% drop to $53 million. that was better than expected because of a jump in demand for met lurj cal coal. the company may have hit a bottom. those shares higher by 15%, 12.484 a share. under armor reporting $26 million that beat wall street estimates because of higher shoe sales. fourth quarter forecast coming in below expectations and stock is getting punished, lower by 11.5%, to below 30 bucks,
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$29.27. still to come on the "closing bell," verizon and motorola are getting ready to introduce a new phone. will this be a game changer. a first on cnbc interview with the financial industry regulation authority. find out what he thinks of president obama's regulation proposal and what steps the industry is doing to police itself. you are watching cnbc, we are first in business worldwide. ♪ must have been one of the strangest days ♪ everyone may face the same uncertainty. ♪ some would say that you won't find ♪ protecting yourself, however, requires good decisions. find strength and stability with mass mutual, a company owned by its policyholders. ask your advisor or visit massmutual.com.
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the securities industry and financial markets association commonly called sifma holding its meeting. bob pasani is there with one of the forces richard kechum. we have it all to break it down for us. >> of course, this is the
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meeting of all the securities industries. 800 professionals, 200 more than last year. rick kechum regulates this industry. you make sure your interests are being protected. you had interesting points in your speech. one of the hot topics is the fragmentation of the market. we have ecns and dark pools and different regulators. are you confident the regulatory authority cans keep track of all these trades and adequately regulate the markets? >> you are right. eight exchanges. 30 dark pools. we are doing the best we can but we need to do more. there needs to be one set of eyes, one audit trail. that is the way the world worked with the new york stock exchange and wall street. >> how do you get one regulator with so many competing industries? >> we provide surveillance for the nasdaq markets and other
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option exchanges as well. the new york stock exchanges has itself. >> one of the things you mentioned that fascinated me is you are interested in looking at social networking sites like facebook. what is finra doing looking at facebook? >> with all of our kids they don't talk by phones or certainly directly to each other anymore. they talk through the internet and text messaging and they talk through facebook. we can -- there are great problems because there is not a good audit trail. >> brokers are using facebook to pitch financial products and you need to look at that as a regulatory issue? >> exactly. many firms prohibit their reps from using it now. the reality is that is how everyone communicates. you have to get the information
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not prohibit it. >> dark pools, mary shapiro, the head of the s.e.c. gave a speech -- >> terrific speech. >> she laid out the agenda. she used code words like two-tiered markets, dark pools may create the perception of a two-tiered market. is that an issue? >> yes, it's an issue. there are very valid reasons for dark pools. it can find liquidity you can't find otherwise. it shouldn't be a process where you give special rights to a privileged few. it shouldn't be when you have essentially orders that should be considered quotes they should be quotes and shouldn't be hitten from the rest of the world. if you don't have that you have a two-tiered market and individual investors don't have a fair shake. >> let's talk about derivatives. should these derivatives, particularly standard derivatives, should they be
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traded on an exchange, regular, orderly exchange? there seems to be controversy. fairness, it makes sense to me. >> to my mind, you are right. an exchange or electronic trading system, you need it. you and i stood on the new york stock exchange floor and watched the implosion last october and the credit default market was completely blind to us. we need to get out of that situation. exchange trading and at least clearing. >> products that traded on exchanges, prices went down but did not stop trading. >> people panic when they can't get access to the question. >> final question. can washington get regulation right. they don't think washington is going to get it right. can it get it right? >> i think so. persons like mary shapiro are terrific leaders.
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they understand the market and worked with markets their career. hopefully finra can provide help as well. i hope we get to a better place for investors. >> you'll be there. >> looking forward to it. rick kechum, the head of finra. >> from his lips to god's ears. let's hope. it is not just the weak economy that has retailers nervous. swine flu could cut into consumer spending. answers about that when the "closing bell" returns. all right, when you look at the future
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hello. i'm guy jones. here are the stories we are watching in europe. will norway be the first country in europe to raise rates we will find out and bring you analysis on what the central bank's decision means. we will take a look at how much the h1n1 vaccine has boosted the drug giant's bottom line. what about the recovering profits. we will watch carefully. tune in to cnbc. i'm guy johnson, going global
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with your money. holiday shopping season just around the corner. flu fears, swine flu and the epidemic, is that going to have a big impact on consumer spending? cnbc jane wells is in los angeles with more. >> hi, michelle. on a day when limited fell 8% after lowering october sales forecast, could the h1n1 virus make retailers sick? seven in ten shoppers say h1n1 will have no impact on plans to go to the mall. two in ten say they will go to the mall but not on black friday. 11% will shop online or give cash for gifts. retailers won't see that money until after christmas if ever. women are more likely to avoid the mall because of the flu and
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income makes a difference. >> those with house hold incomes of less than $50,000 are more likely to have concern over the h1n1 virus this holiday shopping season compared to those with house hold incomes of $100,000 or more. >> those with higher salaries have health insurance and paid sick days. we don't want to make too big a deal out of this. shopper track shows more people are currently going into the stores. the all important weather forecast is looking more inviting to go out and about this holiday. flu fear cans be mitigated if retailers can get shoppers to shop online. best not to send a message this holiday that your store will be really packed for a big sale. not a good idea. >> how contradictory is that. as if the retailers don't have it tough enough. we will bring you consumer reports auto liability survey
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and former general motors assembly plant attracted the attention of vice president joe biden and the entire auto industry today. we'll be right back. >> here is a look at today's winners and losers.
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consumer reports unveiling its very influential auto liability survey. phil lebeau is in countryside, illinois w the results. >> michelle there is good news and bad news for the domestic automakers. let's start with the good news. ford is on par according to "consumer reports" with asian automakers. the top three cars in the sedan, toyota prius number one, two and three are fords, fusion and mercury milan. the company needs to keep building momentum as it pushes
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for sales to pick up. >> we've still got another week to the month left. as we look at october we do see a pickup from september. and i would hope as we close the month we'll have another month of market share gains. >> what about gm and chrysler? the news is not as good. 56% of gm's models are below average. there are bright spots in gm's newer models. chrysler, really bad news. the lowest rated manufacture for reliability. 1/3 of the chrysler models had much worse than average quality a reflection as chrysler was cutting corners as it lost billions in the last couple of years. >> you could see as their money was running out you could look at their products, the interiors weren't as good. they were cutting costs in obvious areas.
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they need to turn the corner. >> not a good day for gm and chrysler, but for ford, on par with the asian automakers. for more why ford is having this success check out the blog behindthewheel cnbc.com. >> chrysler is going to discontinue a lot of american lines and, in fact, start importing some fiat cars because of the deal after the bankruptcy. fiat's reliability, do we have any sense of that? you know what the joke is? fiat stands for fix it again, tony, right? >> that was fiat 15, 20 years ago. it is a different company. what they are doing with chrysler, they are going to phase out brands. put platforms from fiat under the chrysler and dodge and jeep
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names. they are not going to get rid of the brands but change the models under those brands. >> all righty, phil. thank you so much. out with the old and in with the new. a gm plant being transformed to a fis car auto motive factory for the next plug in hybrid. we have more on the significance of the announcement. >> welcome to delaware. >> reporter: on a cloudy, rainy day in wilmington, delaware, the sunshined on this box plant. gm closed the nearly 70-year-old factory. they built cars here, name plates that were house hold words. soon around 2,000 of them will be making a $40,000 gas/welcome hybrid for a company that makes more americans think of scissors not cars. >> it is important for america we take the lead in this new
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technology. we cannot stand by and follow. it is too late -- >> it was the $500 million loan. there are risks, but guess what? they are risking three, four, five, ten times as much as that. they are taking a risk. that is what innovation is about. >> reporter: the deal was done with a $500 million federal economic stimulus loan. is fisker is backed by venture capital kliner perkins and quantum technologies has a stake. perhaps no one has more riding on this than the hundreds of unemployed workers. >> with the economy, everything has been turned upside down and inside out this is what happened to this plant. we had excellent years here. we had great products come through and we never in our wildest dreams thought it would close. i'm very happy it is reopening
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and so soon. >> we've got to go green. it's been there for a long time. it is going to cost us but we have to do something. >> reporter: not everyone was ra ra, gung ho. when i asked a uaw worker if he thought this was a god send he replied not really and added facetiously, what was the name of that company again? for the the "closing bell," mike huckman, wilmington, delaware. >> you see it there, fisker. verizon and motorola will unveil the drois, it will run google's android operating system.
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as we've been telling you all day, the securities industry and financial markets association is holding it annual meeting in new york city today. tim geithner spoke there moments ago on the state of the financial system and the importance of regulatory reforms. here is what he said. >> urging us to fix this financial system, this still broken financial system, terribly broken regulatory frameup we have that was the cause of the crisis and fixing that with reform is going to be
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an important part of restoring some basic sense of confidence in the financials as a whole. >> interinnocent browser firm explaining what this means for the wireless world. we are searching the web on our phones more than we used to, right, jim? >> everything, your whole life, right in the palm of your hand. news flash. the smart phone market is booming. while that trend has been continuing for some time, new data points from the mobile browser leader suggests it is increasing momentum. opera says it saw a 9% pop from august to september and carriers are seeing data traffic from five fold from a year earlier. a key development as the mobile industry shifts from voice call and far more lucrative data and
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video downloads. opera maintains market lead, apple made a huge push capturing second place ahead of nokia. opera's founder and ceo says the market continues to expand and quickly. >> if you look at the mobile space, there is 4.5 billion mobile phones out there. our goal is to get as many of those to be online and you can get on the internet with those phones. that is the goal for us. >> now they had anticipated the market growing by 10% to 15% but concedes those estimates may not be optimistic enough, which bodes well for rim, apple, motorola, google and nokia. a tiny fraction are smart phones. the market potential for multiple winners seems strong indeed. >> good point, jim. stay with us. we have another development in the smart phone market to talk about as well.
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verizon and motorola roll out droid, their version of the android operating system. ken delaney is vice president at gartner. good to see you ken. i have the last version of verizon's attempt to unseat the iphone. it was the storm. never have i hated a piece of technology more. is the droid going to do any better? >> android has a better structure of navigating than rim. rim was a keyboard operating system and moved to touch interface which is difficult to do. android is developed to be touch interface like the apple iphone and should do better. we are not sure it is going to drag customers a way from at&t. >> jim what are you hearing? is it going to be cool? >> yeah. the droid is a very compelling
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phone. there are rumors and images circulating, it has a real key pad for those of us who are touch screen, well, we have problems with that particular technology and the ability for a removal battery not to mention the software, the android operating system is kind of cool. the thing is we keep talki inin about the iphone killers. the droid doesn't have to be an iphone killer to be a massive success for motorola in the marketplace. it needs scraps of the market share. >> let's bring up the market share pie chart. it is very important. we keep talking about whether or not we are going to unseat the iphone. when you look at the entire world when it comes to smart phones, the nokia symbian has the biggest market share.
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this is the forecast, the actual market share would be roughly 50%. there is the market share. we have 3.5 billion phones in the world. .5 billion or less have smart phone capability, right? how quickly is that going to ramp snup. >> it is less than that. today there are 180 million smart phones. >> that is nothing. >> 2012 should have 525 million smart phones, roughly half the market. it is growing by leaps and bounds. everybody in the smart phone marketplace should do well even though the shares, the mixed changes are going to change with android rising up and apple and iphone dominating. >> nokia have the most to lose, ken? >> they do. you can't retain 50% market share in this business that changes dynamically all the time. they are going to drop down to 40%. that is still substantial. >> where do you think android is
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five years from now? >> five years from now have in the 18% to 20% which is significant going from zero to producing well over 100 million smart phones in a particular year based on that ooperating system would be significant. they have the manufactures to do it. samsung, lg, htc, motorola, dell and hp plus a few others. the capacity is there. >> jim, it occurs to me the cell phone companies desperately need. we were talking about them as commodity producers, the margins kept coming down. they were going lower and lower average revenue per month because they were going in emerging markets with cheaper phones instead of a lot of applications. this could help them out the explosion of smart phones. >> no doubt. the money is in the data and video downloads. there is no money to be made in voice calls. ask the likes of skype and
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vonage. they are having difficulty. the carriers love it. the smart phone makers love it and this is why the whole industry is shifting in a very dramatic way. we talk about these big winners this is a massively rising tide that can support multiple winners. i will say this about the droid phone, it needs a small percentage of the market to be a success but when you balance that against the iphone, remember, it does not have the app store, it does not have itunes, those kinds of things and that may help apple differentiate itself. >> ken, we have seen stories about people who use the iphone, get on the internet so much more than all the other phone users in the united states that for a while it was crushing at&t's network because they were using up so much band with. if we all start using smart
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phones are we doomed to slow surfing? can the infrastructure handle it? >> it depends on the carrier. verizon is betting it will provide more capacity for smart phones. iphone users know they have difficulty with the internet but stuck with at&t. that is the lure with apple. it is tough to get people away from at&t. that is why verizon's biggest effort with the droid phone is keep its customers on its network rather than bring people from at&t. >> thank you, guys. you can download the cnbc real time app for your iphone. cnbc's exclusive breaking news as well. video on demand and you can create your own stocks watch list. there is me and nesto. it is all free. cnbc real time app available on the app store.
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a new company offering protection against falling home values. the ceo of working equity explains how the process works and if his company is betting on a big housing rebound, after this. >> time now for going global, asia. we are just getting started in asia. australia will be posting third quarter cpi numbers and all eyes will be on those numbers as the central bank shifted its focus to inflation after it lifted rates by 25 basis points. if inflation rises, it could mean a bigger rate hike for the rva. japan posting september preliminary retail sales data the number has been continuing a fall but moderating on the 1.8% down tick in retail sales back in august. new zealand prime minister is on a mission to press his case for a by lateral free trade agreement after reaching out to
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visa not the only company reporting earnings after the close of trade. matt nesto has more details. >> apollo group, the stock down 17%. they have disclosed an informal inquiry of the s.e.c. they are looking into revenue recognition practices. the company came out with better than expected earnings. nobody cares. 20% giveback too this into the red for the year hurting the entire group. the stock is $58 a share, a five-month low. mckessen in health care is $27.1 billion in revenue. they raised their full year
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forecast above consensus. 4 hnt 45 to $4 nt 60 versus a 4.27 estimate. pfizer competes alongside visa, 2% it looks to be about 2% lower here today. the third quaert coming in at 92 cents. that was in line. the revenue down 4.6%, missing at 92 million versus an estimate of north of a billion dollars. the language in the press release says top line growth remained challenges. and i wouldn't be doing my shrek duty if i didn't tell you dreamworks was higher by about two cents, they beat by a mile, even without their tax benefits 20 cents a share versus a 16 estimate. their revenue down 11%. back to you. >> thank you, matt. uncertainty over the direction of home prices an everyday worry for both house hunters and owners. one company, though, is aiming to solve that problem with a new product that protects against price declines. here to explain how it works is craig schmeeser, ceo of working
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equity. good to see you. >> good to be here today. >> let's do a little game of pretend here. i'm thinking about buying a house. i'm worried, though, because we've seen home prices decline. i'm not sure the decline in prices is over. you have a product that i could buy that would put my mind at ease, right? how would that work? >> michelle, equity protection is designed for home buyers and for homeowners in order to help protect against the risk of market decline. >> right. so let's pretend i'm buying a house. what would happen? i'm going to buy a house for $200,000. what do you do that protects it from going to $180,000 or protects me from a decline in its price? >> michelle, when you purchased your home, you would be able to secure an equity protection contract for the full value of your home. we would actually tie the value of your house to your local home price index. after you've sold your home, following a waiting period on the product, we would then make a payment to you if your local market had declined.
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so we're actually providing homeowners with protection against local market decline. >> and now, of course, if i sell it and the price has gone up i get nothing? >> if you're able to sell your home for more but the local market has declined, then you can reap the benefits of selling your home for increased value but also receive the protection benefit of equity protection. >> fascinating. so you're still only going to go by the index, not necessarily by the actual home. how much does it cost? >> equity protection generally costs 1% of a home's value. we also offer a monthly plan that costs $20 or starts at $20. >> you know, it occurred to me when i was hearing this idea in the morning meeting, it reminded me -- don't take this the wrong way. but it reminded me of when you buy a car and you go in and you've got to go through that last leg with the finance guy and that person wants to sell you all the junk underneath, you know, we're going to spray the bottom so it doesn't rust, et cetera, et cetera, they also often want to sell you gap insurance, which is the minute you drive off the lot the car is worth less. if you get in an accident, you're probably not insured for
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the full value of what you still owe on it. this is kind of like that, right? it's a gap insurance in case you lose value but you still owe more than what's there. >> well, we focus on protecting home buyers and homeowners from the kind of ravages that a down housing market can drive. and we've seen that over the last two years here in america. we also seek to help home sellers facilitate a sale to make it easier for buyers to buy -- >> hold on. are you saying that you involve sellers as a way to -- do sellers say you know what, i'll -- to the buyers, we'll pay for this or we'll help you buy this contract to ease your mind and still tatefacilitate a sale? >> right now there's quite a bit of reticence on the buyer's side of the market and one of the ways we can help facilitate home sale transactions is to help a seller make it easier for a buyer by actually sponsoring an equity protection product into the transaction. so in many ways what we can do
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is remove the risk of value loss to the buyer who's considering a home purchase. >> how do you get to those sellers to convince them? because that sounds like who you're selling it to more than the actual buyers, right? >> correct. and we develop partnerships with the realty firms nationwide as well as with other partners in the real estate transaction chain. >> how are you doing? is it selling? is it doing all right? >> demand has been very strong. again, we're a startup business, and this is our third quaert of operati operation but we're able to see the demand in the product. >> when did you start offering the product? >> this quarter. >> have you done any back testing to go back -- say, we had started offering it seven years ago. how would you have done financially? because you'd be paying a lot of money, right? >> we actually have done quite a bit of analysis going back seven years. we also looked at the business as if we had started at the top of the market, the top of the housing market two years ago, and then rode that down. the business is fully
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supportable. we would have helped a lot of homeowners. we would have had some years that weren't ideal in terms of p & l or profit complexion, but we would have done a service to the home owning economy. that's our goal. >> i'll bet it is. okay. thank you so much. we appreciate it. we hope you make a buck, too. >> thanks very much, michelle. >> see you later. let's head over to the nasdaq marketsite, where melissa lee is standing by to help you make a buck as well. melissa. >> hopefully more than a buck, michelle. >> that's right. >> the dow and the s&p 500 pretty much flat, but we're focusing here on the tech trade, which had been a leader in this market run-up. but the nasdaq is down 2% over the past three sessions. is this the crack in the market ral ral rally? where are the opportunities in tech? also the investor who called the bottom in march is back to tell us if we have seen the top in the market. of course we're talking about doug kass of seabreeze partners. that and much more on "fast money" top of the hour. >> sounds good, melissa. up next we're going to tell you what could move the markets
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tomorrow. you're watching cnbc. we're first in business worldwide. (announcer) we call it the american renewal because we believe that ideas are limitless. that's why, everyday at ge, thousands of scientists and researchers at our global research centers and throughout the company
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are redefining what's possible by creating the advanced technologies that create jobs. the american renewal is happening right now.
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here's what to watch for tomorrow. >> rick santelli on the floor of the cme group. tune in tomorrow at 1:00 eastern to see 45 billion five-years auctioned.
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will it be as solid as the two-year was today? tune in and find out. >> i'm diana olick in washington. the first-time home buyer tax credit is juicing sales of new crux, b construction, but as it draws to a close how will it affect new home sales? find out tomorrow at 10:00 a.m. >> steve liesman at cnbc headquarters. tomorrow we're watching for the durable goods report at 8:30 a.m. look for a gain of 1.5% after a decline during the month. look for a sign of business investment of whether there's any confidence in companies. >> before we go here's a look at the day on wall street. topsy-turvy day, indecisive, we had contrasting economic data, we had home prices that looked better than expected, but then we had consumer confidence that was worse than expected. the dow jones industrial average higher by 14 points. 9882. the nasdaq got hit very hard today, lower by 25 points, a decline of 1%, 2,116. as for the s&p 500, held on to the 1,062 level, went to

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